If you know your market and you can stomach the risk, there's still money to be made buying and selling homes.
Synopsis: With narrow profit margins and a relatively low inventory of houses for sale, house flippers in the current market need to have a solid business plan. This article includes a five-step guide to flipping a house, with focus on determining the ARV, or after-repair value, of a property. The author cautions any house flippers to stay strict with a renovation and repair budget and timeline to keep from lowering profits, and includes tips for finding sellers as well as feedback from flippers in the current market.
Before the Great Recession, making money in real estate seemed like such a straightforward equation that it was too good of an opportunity to pass up—just buy a house, wait a few months for prices to appreciate, and then sell the house for a profit. Between 2000 and 2006, house prices in the four hottest markets—Washington, D.C., Los Angeles, Miami, and San Diego—rose…